BMW has signed battery-supply contract worth $1.16 billion with CATL
According to a recent confirmation by German automaker BMW via Reuters, the company has signed a battery-supply contract with Chinese battery manufacturer CATL. The move underscores an attempt by BMW to secure long-term battery supply for the future production of its electric vehicles (EVs).
With the batteries of BMW’s EVs presently being provided by Samsung SDI, the automaker -- which has no plans to manufacture its own battery cells -- has disclosed via Reuters that its new contract with CATL is worth more than one billion euros ($1.16 billion).
BMW’s contract with CATL does not pertain to the batteries which are being produced by CATL in China, but for financing the battery maker’s new factory in Europe. CATL is already looking at locations for its European factory, which will enable the company to increase its overall battery-production capacity.
The current production capacity of CATL is 17.5 GWh, and the company has efforts underway to ensure that the production can be quickly ramped up to 24 GWh by 2020. For building its new European factory to add to its overall production capacity, CATL is presently setting up an IPO to raise $2 billion.
The batteries being produced by CATL chiefly use LiFePo and NCM chemistries in prismatic cell formats. The company’s batteries are largely being used for the production of plug-in-hybrids and electric buses.
Japanese automaker Toyota Motor Corporation will be launching a pilot project next year, for testing a transportation system focused on autonomous vehicles.
Hong Kong-based company RevoZport has unveiled the design of its new racing body kit for US electric vehicle maker Tesla’s Model 3 electric car. The new kit unveiled by RevoZport this week is called the R-Zentric Model R3 kit.
Tesla Motors has recently announced Gigafactory 3 in China and latest reports suggest that the electric vehicle maker is looking for another location in Europe.
Japanese automaker Nissan unveiled a new LEAF-based electric car -- the ‘Sylphy Zero Emission’ -- at the 2018 Auto China show in Beijing.
In a move which underscores the scaling back of Indian government’s efforts to switch to electric vehicles, the country’s 2030 target for electric vehicles has been revised downward from 100% to 30% by the government led by Prime Minister Narendra
Japanese automaker Nissan has recently enhanced its electric vehicle (EV) line-up with the addition of a new vehicle --- the Nissan LEAF NISMO.